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think for the foreign exchange market, it's more a question of policy action. and now, because we're in this limbo, that leaves sterling a little bit of limbo. >> meanwhile, the treasury there is targeting sales of 4 to 5 billion sales in six-month and is 1-month t bills. yes, same with italian yields, as well, michael. are we now at the low point in the cycle for spanish and italian yields? who is going to drive them lower from here and why would you? >> i think the market has seen a lot of liquidity expansion. first from the fed and then lastly from the bank of japan. and combined with the renewed commitment from the ecb to protect the euro, this has depressed yields to these kind of levels. i think it's difficult to see us going dramatically further. and if anything, strategically, we think that the three major problems in europe, the recession, inconsistent crisis management and rising political and social backlash against austerity are likely to come through and that leaves spain and italy very vulnerable to a sharp increase in yields. we're looking, for example, for 10-year
things that thatcher government did was scrap foreign exchange controls when it came to power in the late 1970s. so absolutely. privatization, eventual greater competition within the previously owned government sectors was a big plus. and obviously one contentious p policy was power between employers and trade unions. arguably now the u.k. has a much better industrial relations record than it did before 1979. >> you have to remember though in the '70s, you and i were doing our homework by candlelight when we had a three-day week. it did need rebalancing from that point of view. takes those lessons from those micropolicies which were successful whether there's some lessons today that need to be drawn by this current government because they are trying to kick-start wider only ownership but thatcher gave people the right to own their own homes but they had to qualify for mortgage on affordable income. >> that's one thing which the thatcher government did particularly in the early to mid 1980s. the big liberalization financial markets. scrapping of competition and credit control happened a lo
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